Chancellor of the Exchequer Rachel Reeves promised to deliver a UK budget showing “real ambition” next month as she used her speech at the Labour Party’s annual conference to project a positive vision for the country.

Rachel Reeves is set to use her first speech at a Labour conference to vow there will be "no return" to austerity under a Labour government. The chancellor is expected to declare that her first budget, due on October 30, will not be an austerity measure, and instead will “rebuild Britain” and deliver the change they promised the electorate.

But the chancellor's conference speech on Monday risks being overshadowed by the row over her decision to axe winter fuel payments.

British finance minister Rachel Reeves said on Monday there would be no return to austerity or widespread cuts, promising long-term growth despite previous warnings of a tough budget to fix the foundations of the economy.

The UK’s new Labour government won’t return to the austerity cuts of its Conservative predecessors, Chancellor of the Exchequer Rachel Reeves will promise on Monday, as she pivots toward a more positive narrative after weeks of warning about the dire state of the public finances.

U.K. Finance Minister Rachel Reeves vowed on Monday that Britain will not return to austerity, saying her budget proposals will look to rebuild the country.